According to recent news, Binance, the largest cryptocurrency exchange in the world, has joined Mantra’s validator, which is expected to enhance the network's security and decentralization.
Strengthening the Network
Binance has become part of Mantra's mainnet validator set, which now includes players like Google Cloud and Nansen. This addition will allow OM token holders to stake through Binance Simple Earn and receive up to 29.9% APR on locked OM products until the end of August.
Strategic Collaborations Continue
Despite price pressures on the token, the Mantra team continues to actively pursue partnerships. In recent months, Mantra has partnered with agri-tech platform Dimitra to tokenize agricultural commodities and with WIN Investments to launch 'transfer tokens' linked to FIFA’s Solidarity Mechanism. Additionally, in Latin America, Mantra is collaborating with Brazil’s largest cryptocurrency exchange, Mercado Bitcoin, to tokenize over $200 million worth of assets in 2024.
Price Pressure Persists
While Binance's inclusion marks a significant milestone, OM is trading around $0.26, down 10% in the past 24 hours. The token has been in a prolonged downtrend following a sharp 90% crash on April 13. Crypto analyst Park Yong noted that the drop was due to liquidity issues, not protocol flaws, and mentioned potential indicators of a trend reversal, yet overall market sentiment remains cautious.
Thus, despite strategic wins and an expanding partnership network, Mantra still faces challenges in the market and the need to restore investor confidence.
